Darling: reveal pay under 1m
BANKS may be forced to reveal the number of staff earning below £1m, chancellor Alistair Darling announced yesterday.
Taking a tougher line than Sir David Walker, who recommended disclosure for pay above £1m in his government-commissioned report, Darling suggested public anger over bankers’ pay pointed to the need for more transparency.
The Walker review said from 2010 banks should reveal the number of employees on their books earning salaries in bands of £1m to £2.5m, £2.5m to £5m and more than £5m.
Darling told the House of Commons: “We can go further than Walker suggested and we want to consult on narrower bands and on people earning below £1m. Most people are convinced it’s important that we do have far more disclosure so people can see precisely what the remuneration practices are.”
The Tories said they would support the plans, which are contained in the government’s Financial Services Bill.
Shadow chancellor George Osborne said: “There are some perfectly reasonable proposals in this bill. The Prime Minister promised that the days of the big bonus are over – we will have to wait to see if that is true.”